Following in Apple's footsteps, Xiaomi has lost 17% of its value, losing nearly 50% of its original stock value since its first listing.
Οi its shares Apple Lossless Audio CODEC (ALAC),, as many of you already know, have been reduced by 34% from their maximum price. Last week, the stock had a particularly bad day after Apple CEO Tim Cook announced that the company has reduced its lead for first quarter revenue due to weak iPhone sales in China. The next day, the company's shares fell almost 10% lower, and struggled to make up for some of those losses.
Well, it seems that the Xiaomi, also known as Apple of China, is also going through a difficult period of downward adjustment of its share valuation. Over the past three days, the company's shares have lost 17% of their value, reducing Xiaomi's market capitalization by $ 6,2 billion. The shares traded on the Hong Kong Stock Exchange and closed today at HK $ 9,97 (US $ 1,27).
The decline in Xiaomi shares seems to have taken root for good, as the analysts of the stock companies, reduced the estimates of the smartphone manufacturer's income. Most cite China's weaker economy and tougher competition from other Chinese companies such as Huawei (which also has its own problems).
Xioami is now valued at $ 238 billion, and has lost virtually half its value since it first went public.